Electronic Arts won’t extend Take-Two deadline
By The Associated Press Tuesday, August 19, 2008NEW YORK - Video game publisher Electronic Arts Inc. is retracting its hostile bid for smaller rival Take-Two Interactive Software Inc., but a deal — and a friendly one at that — is likelier than ever.
Take-Two, best known for the popular “Grand Theft Auto” video game series, confirmed Monday it expects to sign a confidentiality agreement with EA to begin formal discussions about “strategic alternatives.”
EA had said earlier it wouldn’t extend the Monday night deadline for its $2 billion tender offer to buy Take-Two. The companies have been unable to agree on a price for the past six months.
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